The GBP/NZD currency pair has been trading upwards within a long-term ascending channel. Currently, the pair is testing the upper channel line circa 1.9830.

From a theoretical point of view, it is likely that a reversal south could occur in the nearest future, and the exchange rate could continue to decline within the given channel in the medium term. A possible downside target is 1.9000 level.

Meanwhile, note that the currency pair is supported by the 55-hour moving average near 1.9670. Thus, it is likely that a breakout north could occur, and the pair could raise the Fibo 23.60% at 2.0308.

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